“We knew we could secure the volume to make it worth it for them to get involved," he said.

“You need to buy in the month of January, we couldn’t secure the offer open-ended and it complements The Event," he said.

The Event is an annual auction which Ray White Surfers Paradise holds in January each year.

At last year’s event 120 properties were auctioned by four auctioneers in front of more than 2000 people, an improvement on 2011.

The Gold Coast market has struggled to recover from the slump that it took after peaking at the height of the 2010 property boom. Prices fell up to 50 per cent on luxury waterfront properties.

While Mr Bell is hopeful for a bigger auction event at the end of this month, he said he does not expect massive price growth in the coming months. “The market has bottomed, and I think we can expect to see some smart, solid growth in the next few months," he said.